Adani Green Energy Ltd (AGEL), a renewable energy company, announced on Monday that it has refinanced its $1.06 billion inaugural construction facility with long-term financing for a solar-wind hybrid renewable cluster in Rajasthan.

"AGEL has successfully refinanced its maiden Construction Facility with outstanding of $1.06 billion taken in 2021 to develop India’s largest solar-wind hybrid renewable cluster in Rajasthan", AGEL said, adding that the long-term financing raised to refinance its construction facility has door-to-door tenor of 19 years with fully amortized debt structure emulating the underlying asset life.

AGEL currently has an operating renewable portfolio of 12.2 GW, the largest in India, spread across 12 states. The company has set a target of achieving 50 GW by 2030.

Last week the company said it has surpassed a record 12,000 megawatts (MW) of operational portfolio.

AGEL is the first and only renewable energy company in India to achieve this milestone. The company’s portfolio spans 12,258.1 MW, including 8,347.5 MW of solar, 1,651 MW of wind, and 2,259.6 MW of wind-solar hybrid capacity.

"With this breakthrough, AGEL has completed its capital management program for the underlying asset portfolio, which involves securing long-term facilities that are perfectly aligned with the cash flow lifecycle of that portfolio",  AGEL added in the press statement.

The company also noted that the program's framework offers substantial advantages, including extensive access to diverse capital sources and the ability to secure large amounts of long-term funding. The refinancing facility has been assigned an AA+/Stable rating by three domestic rating agencies: ICRA, India Ratings, and CareEdge Ratings.